Use the information in Exercise 10-10 to prepare the journal entries for Eagle to record the loan on January 1, 2018, and each of the four payments from December 31, 2018, through December 31, 2021.

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Exhibit 10.12 Instalment Note: Equal Total Payments Amortization Schedule Payments (A) (B) (C) D) Credit (E) Debit Debit Perlod Interest Notes Ending Beglnning Expense Balance Cash Ending Payable (D) - (B) Balance 8% x (A) Date (computed) (A) – (C) $ 18,482 (1) 12/31/2018 (2) 12/31/2019. $60,000 $4,800 $23,282 $41,518 19,961 41,518 3,321 23,282 21,557 (3) 12/31/2020 21,557 1725 21,557 $60,000 23,282 $9,846 $69,846 Decreasing Accrued Interest Equal Cash Payments Increasing Principal Component Interest Principal 2018 $4,800 $18,482 2019 $3,321 $19,961 2020 $1,725 $21,557 $5,000 $15,000 $25,000 End of Year